What to do now??

Julie67

I have just managed to get a 0% Halifax card on balance transfer for 13mnths then goes up to 16.9. Problem is that the credit limit is 5500 and the balance I wanted to transfer is 8900 as currently paying 17%. Would you apply for another 0% card to transfer the rest? Don't have much experience in this area but just really want to pay this off asap. Any advice welcome. Thanks Julie

dfh

Hi Halifax will allow you to balance transfer upto 90 percent of your credit limit.I would urge you to do that so you are paying no interest on at least half your balance saving you money.You could apply for another 0 percent in a months time but beware that if you are refused then you might have to wait for six months before applying for another.You could ring your existing card provider and ask if they have any special deals for existing customers.Tell them nicely that you have transferred half your balance and are planning to move the other half and is there anything they could offer you so you stay with them?

NickX

Julie67 wrote: »

IWould you apply for another 0% card to transfer the rest?

I definitely would. YES.

Dabooka

http://forums.moneysavingexpert.com/showthread.html?t=1828793

Congrats if you have! I'd suggest exactly the same as above, transfer what you can (and you must set up a DD and CHECK it goes through or you'll lose the whole 0% deal) and then ask for special offers to remain.

They'll be aware that you'll have transferred as much as you are allowed, but it might make them give an offer to prevent you going elsewhere.

Then knock off as much per month off the balance as possible.

CannyJock

dfh wrote: »

You could apply for another 0 percent in a months time but beware that if you are refused then you might have to wait for six months before applying for another.

Not how it works in reality. Apply for another card now before the additional £5,500 of credit appears on your credit report. Spread your applications over difference card issuers if possible to maximise chance of getting decent credit limit with new provider. Full list of issuers at http://www.stoozing.com/cards.htm. If you're declined with one, try another. 3 or 4 searches on your credit report will turn the heat up and take a while to cool down, but better than paying 17% APR if you ask me.

dfh wrote: »

You could ring your existing card provider and ask if they have any special deals for existing customers.Tell them nicely that you have transferred half your balance and are planning to move the other half and is there anything they could offer you so you stay with them?

Any deals would be for new balance transfers onto the card, which means your allocation of payment would result in you paying off the promotional balance transfer first and leave you getting charged interest at 17% on what was there before the BT. Never heard of a card provider "moving" a balance onto a promotional rate at the threat of having it BT'd elsewhere.

dfh

CannyJock wrote: »

Not how it works in reality. Apply for another card now before the additional £5,500 of credit appears on your credit report. Spread your applications over difference card issuers if possible to maximise chance of getting decent credit limit with new provider. Full list of issuers at http://www.stoozing.com/cards.htm. If you're declined with one, try another. 3 or 4 searches on your credit report will turn the heat up and take a while to cool down, but better than paying 17% APR if you ask me.



Any deals would be for new balance transfers onto the card, which means your allocation of payment would result in you paying off the promotional balance transfer first and leave you getting charged interest at 17% on what was there before the BT. Never heard of a card provider "moving" a balance onto a promotional rate at the threat of having it BT'd elsewhere.

I did it once with Halifax.They agreed to reduce my interest rate from 17% to 10.5%.So no harm in trying I would say.